KPMG in the UK has recorded another year of strong revenue growth of 9% to £2.96 billion.
The firm’s audit practice grew 19%, driven it says by expanded reporting requirements. KPMG’s consulting arm also recorded an increase in sales of 7%.
The slowdown in the global deals market and challenging UK market conditions in Q4 saw the deal advisory division sales drop 6%.
Despite the increase in revenue the firm reported a reduced profit before tax of £364m, following a 17% increase in staff costs.
Some 2,573 new people were hired, 1,945 employees were promoted and around 1,400 graduates and apprentices joined the firm.
Many national newspapers reported that although profits dropped 20% and the firm had to pay out millions of pounds in fines, UK partners still enjoyed a pay rise. Equity partners received a 4% rise receiving on average £786,000.
